Network Auctions showed they really do sell properties with ‘No Reserve’ when a parcel of land sold under the online hammer at just £51 in their 21st May auction. The land situated at Meadow Way and Orchard Way, Reigate, Surrey comprised 0.62 acres of highway, paths, verges and part of a roundabout in the popular residential areas.

The auctioneer’s addendum was a note of caution for any would-be bidders: ‘We are advised by the local authority highways department the title comprises land that is publicly adopted, buyers should make their own enquiries in this regard.’

But plucky bidders hoping to bag a bargain were outnumbered as keen buyers placed 81 bids for a three-bedroom house in Bradford shooting the guide price from £40-45,000 to a final sale price of £68,750.

Toby Limbrick said, ‘We had early interest in the Fagley Road house in Bradford. It was habitable but dated and needed refurbishment, it was a property that hadn’t been touched for years. We had strong pre-auction offers, but we advised the seller to stick to the virtual room. We’re delighted to have achieved 72% above the lower guide price.’

‘The market is active and our auction shows that we sold properties today all over the country. We’ve seen an increase in demand for higher-yielding residential lots because money in the bank is yielding so low, investors want more than £1,000 for every £100,000 and with property they can achieve that.’